PHNOM PENH, Dec 19 (Bernama): The Manila-based Asian Development Bank (ADB) has approved a US$50 million loan to Cambodia to support its energy transition programme, a news release has said.
The Energy Transition Sector Development Programme will be funded by a US$40 million loan from ADB's concessional resources and a US$10 million loan from the ASEAN (Association of Southeast Asian nations) Infrastructure Fund under its ASEAN Catalytic Green Finance Facility, Xinhua quoted the news release as saying.
The programme supports the government's energy transition agenda towards mainstream renewable energy and energy efficiency while shifting away from fossil fuels, it said.
According to the news release, the project investments under the programme will promote new technologies, including development of the country's first grid connected battery energy storage system, which will enable additional renewable sources to enter the grid and improve electricity grid stability for consumers.
Investments also include comprehensive city level efficient street lighting systems in Kampot and Kep provinces, which will demonstrate cost savings and benefits for tourism and public safety, it said.
Through the policy reforms, renewable electricity generation by 2027 is expected to increase by at least 25 per cent from a baseline of 4,672 gigawatt hours in 2021, the news release said. - Bernama
